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This could also be called the “Full Employment for Surveyors Act” — not that it would be a bad thing. To the extent these questions can be answered, it will typically take a surveyor to do it. Way too many residential buyers rely on their lenders to determine flood risk and, with a few exceptions, brokers should strongly recommend that a survey, including a flood zone determination, should be obtained in every deal — flood insurance too!
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That said, current disclosure forms required by the Texas Property Code already address whether property is within the 100 year flood zone and whether it has experienced prior flooding. Does anyone know how a seller is supposed to know whether their property lies within a “flood pool”? If by “flood pool” we mean property at or below the elevation of the top of the spillway? If so, that will include substantial areas of western Harris County that were not flooded by the growing reservoirs after Harvey (peaking at 3 to 4 feet below the spillways), I’d hate to see what will happen to the value the homes in those areas.
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Why should a seller be responsible for telling a buyer whether the property is “within five miles downstream of a reservoir” — ever heard of Google Maps? And what seller wouldn’t check the box that says the property “may flood under catastrophic circumstances”? How is this information helpful to a buyer?
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It would be better to have buyers sign disclosure forms that spell out in horrifying detail the uncertainty of flood risk and the idiocy of not buying flood insurance. Something like the health warnings on cigarette packaging would be a good start.

@Skeptic when I signed the mortgage papers on my house there was a note that since we were in the 100-year flood plain there was a 27% chance the house would flood during the 30 year term of the note. I don’t know what additional notice the seller or the lender could have been expected to give me.

This is generally meaningless. If you bought from a builder, odds are that they did the development through a LLC and sucked all the money out of the business long ago. You are left trying to recover from a shell of a company, spending thousands trying to litigate fraudulent transfers. If you buy from John Q. Public, odds are you will never be able to collect and rescission is meaningless because the bank will not let you out of your mortgage without cash.

@skeptic has it right. Any property can flood. Disclosure after disclosure will not change or mitigate that essential fact. Buy flood insurance if you want to recover your loss in the event of a flood.